Manchester Unity Credit Union

Last updated
Manchester Unity Credit Union
Founded2001 (1991)
Type Industrial and Provident Society
Location
  • Oddfellows House, 184-186 Deansgate, Manchester M3 3WB
Website manchesterunitycu.co.uk

Manchester Unity Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom. The credit union was first established for members of the Independent Order of Oddfellows by Manchester Unity Friendly Society in 1991. [1]

Contents

History

The credit union traces its roots to Manchester Unity (No 1) Credit Union, which was founded in the English Midlands in 1991, followed by Manchester Unity (No 2) Credit Union in North London in 1994 and Manchester Unity (No 3) Credit Union in Yorkshire in 1997. [2] In 1999, the Treasury announced that credit unions would be brought within the mainstream regulatory scheme administered by the Financial Services Authority. [3] With little growth and increasing legislation, talks took place between the credit unions and the Board of the Oddfellows bringing all three together in 2001. [2]

Activities

Membership of Manchester Unity Credit Union is restricted by common bond to members of the Oddfellows, or a member of the same household who is a relative. New members can join both the Oddfellows and the credit union at the same time, which entitles them to the benefits of both organisations for a single monthly contribution. [4]

A member of the Association of British Credit Unions Limited, [5] Manchester Unity Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme. [6]

See also

Related Research Articles

Leeds City Credit Union

Leeds City Credit Union Limited is a not-for-profit member-owned financial co-operative, formed in 1987 and based in the West Yorkshire city of Leeds. White Rose Credit Union, of Wakefield, and Your Loan Shop are trading names of Leeds City Credit Union.

Independent Order of Oddfellows Manchester Unity fraternal order founded in Manchester

The Independent Order of Oddfellows Manchester Unity Friendly Society Limited, also called the Manchester Unity of Oddfellows; trading as The Oddfellows, is a fraternal order founded in Manchester in 1810.

The District of Canterbury Credit Union Limited was a savings and loans co-operative based in the cathedral city of Canterbury. In 2011, it merged with the larger Kent Savers Credit Union.

London Mutual Credit Union

London Mutual Credit Union Limited (LMCU) is a not-for-profit member-owned financial co-operative, based in Peckham and operating in the City of Westminster and the London boroughs of Southwark, Lambeth and Camden. The primary lines of business include retail banking, deposit-taking and lending.

London Capital Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Archway and operating in the City of London and north London boroughs of Barnet, Camden, Hackney, Haringey and Islington.

Hornsey (FIA) Co-operative Credit Union Limited was a savings and loans co-operative, established in the Municipal Borough of Hornsey, now part of the London Borough of Haringey, in 1964. One of the earliest credit unions in the United Kingdom, it merged with London Capital Credit Union in 2013.

Rainbow Saver Anglia Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Lowestoft and operating through 18 collection points in the East Anglian counties of Suffolk, Cambridgeshire and certain districts of Norfolk. It was established in 1999 and has 3,500 members.

The Co-operative Family Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom. Members elect the directors, vote on share dividend and can become actively involved as volunteers.

Eastern Savings and Loans Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Ipswich and operating through 25 local payment and information points in the East Anglian counties of Suffolk, Cambridgeshire and Norfolk. The credit union has 6,500 members.

London Community Credit Union Limited is a member-owned and led financial co-operative, operating in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest and the City of London. It has over 17,000 members and 5 branch offices in Bow, Bethnal Green, Poplar, Hackney and Stratford.

National Fire Savers Credit Union Limited is a not-for-profit member-owned financial co-operative, based in the London Borough of Southwark and operating throughout Great Britain. It has assets in excess of £11,000,000.

NHS Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Glasgow and operating throughout Scotland and the north of England. It has 9,100 members and manages over £12m in savings.

Northamptonshire Credit Union Limited, trading as Harvest Money, is a not-for-profit member-owned financial co-operative, based in Northampton and operating throughout the county in the English Midlands. It has 2,205 members and assets in excess of £1m.

Plane Saver Credit Union is a not-for-profit financial co-operative, with their main office based in Harlington, and a second office at Heathrow Airport. A member of the Association of British Credit Unions Limited, Plane Saver has over 11,500 members, over £45 million in assets, and have lent more than £100 million to date.

London Plus Credit Union organization

London Plus Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Fulham and operating in the City of Westminster and west London boroughs of Hammersmith and Fulham, Kensington and Chelsea, Wandsworth and Hounslow. Wandsworth Plus Credit Union is a trading name of London Plus Credit Union working in partnership with Wandsworth Council in south west London.

Churches' Mutual Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Gloucester and operating throughout the United Kingdom. It has in excess of 600 members and assets of £3 million.

The Lincolnshire Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Lincoln and operating throughout the county in the English Midlands. In 2011, the credit union had approximately 2,000 adult savers, nearly 500 borrowers and 350 junior savers. LincUp, Alford and District Community Bank and Louth Community Bank are trading names of Lincolnshire Credit Union.

North London Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Enfield and operating in the north London boroughs of Enfield, Barnet, Haringey, Waltham Forest and southern Hertfordshire. The credit union manages assets in excess of £3 million.

East London Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Walthamstow and operating in the east London boroughs of Waltham Forest, Enfield, Haringey, Hackney, Newham, Redbridge and the Epping Forest district of Essex. All members of the credit union are instant savers; different loans are provided depending on individual circumstances.

Thamesbank Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Hayes and operating in the south west London Boroughs of Hounslow, Richmond upon Thames, Wandsworth, Kingston upon Thames and the Spelthorne district in Surrey.

References

  1. Gibbons, Damon Local welfare provision, low-income households, and third sector financial services provision Archived 2013-05-18 at the Wayback Machine (p. 84) Centre for Responsible Credit, March 2013
  2. 1 2 Credit Unions in the Oddfellows Manchester Unity Credit Union (retrieved 24 October 2015)
  3. Edmonds, Timothy Credit Unions (p. 21) House of Commons Library, Briefing Paper No. 01034 (PDF), 5 January 2015
  4. How to Join Manchester Unity Credit Union (retrieved 24 October 2015)
  5. Credit unions in membership of ABCUL Archived 2015-01-03 at the Wayback Machine Association of British Credit Unions (retrieved 1 November 2014)
  6. Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)